13
Nov
2020

Akropolis has just suffered a hack of $ 2 million in DAI stablecoins

A hacker would have drained $ 2 million from the DeFi Akropolis protocol.

The hacking took place despite several audits carried out on the targeted savings pools.

Decentralized finance protocols continue to prove vulnerable to manipulation.

The decentralized finance protocol (DeFI) Akropolis was reportedly hacked, the hacker having taken with him $ 2 million in DAI tokens .

Akropolis hack details

In a tweet posted on November 12, the protocol revealed:

We recently identified a hack performed on a set of smart contracts in “savings pools” that were audited twice.

In another follow-up tweet, Akropolis assured users that savings pools remain safe. According to the company, the hack only affected the Curve Y and sUSD savings pools.

A channel investigation by BeInCrypto shows that the infiltration took place around 12:05 UTC. The attacker thus executed consecutive targeted operations on the Akropolis Curve savings pools.

In addition to the cluster attacks, the supposed hacker also emptied the pool of $ 2 million in DAI tokens, which were transferred to another address. At the time of the layout of this article, the stolen funds were still in this second account.

Audits are not a guarantee of security in the DeFi space

If the incident turns out to be a hack, it will be another audited DeFi project that has been the victim of a malicious cyber intrusion. Worse yet, the news could point to a new flaw in the code verification capability of blockchain audit firm CertiK.

Indeed, other DeFi projects certified by CertiK, such as the Link stablecoin issuer and bZx lending protocol, have suffered massive attacks in the past. Throughout the year 2020, many DeFi protocols have been the subject of various attacks by dishonest actors who use the system to embezzle funds from the vaults.

As BeInCrypto previously reported, a hacker managed to squeeze around $ 500,000 worth of ETH from Balancer’s pools . Dishonest actors also took advantage of vulnerabilities in Bancor’s code to steal $ 460,000 from the project earlier in the year.

As crypto crime is on the decline , the DeFi space has quickly become an attractive option for dishonest players.

DeFi-related theft cases are on the rise, according to a recent report by crypto firm CipherTrace, with malicious entities taking advantage of the hype surrounding this new market to defraud unsuspecting victims.

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